RegFi Podcast

Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez

Mar 6, 2024

Ramon Gomez, Managing Director at JPMorgan Chase, discusses the implications of Section 1033 of the Dodd-Frank Act on consumer data sharing. Topics include screen scraping risks, CFPB oversight, FDX standards, and coordinated regulatory efforts to protect consumer data in the financial sector.

32:08

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Episode guests

Ramon Gomez

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Quick takeaways

Section 1033 promotes open banking for competition and consumer benefits through secure APIs.

Regulatory coordination is essential to balance consumer data access with security amidst evolving risks.

Deep dives

Origin and Policy Objectives of Section 1033 and the Evolution of Data Sharing Conventions

Section 1033 of the dot frag act, passed in 2010 after the financial crisis, mandates covered entities to provide consumers with transaction information electronically. The proposed rule expands to promote open banking, aiming for competition, lower costs, and better services. Screen scraping, criticized for privacy risks, contrasts with secure APIs that offer controlled data sharing. The Financial Data Exchange (FDX) standardizes access, benefiting over 65 million accounts.

Introduction

3min

Exploring the Implications of the 1033 Rule for Data Sharing in Finance

3min

Secure Data Sharing through APIs and FDX Standards

16min

Navigating the Complexities of the 1033 Rule and Market Adaptation

5min

Evolution of Financial Regulation in Data Sharing Era

5min

Ramon Gomez — Managing Director, Regulatory Affairs at JPMorgan Chase — joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt for a conversation about Section 1033 of the Dodd-Frank Act and its implications for consumer data sharing. Ramon helps unpack Section 1033 and how it aligns with the substance of the CFPB’s proposed rulemaking, particularly with respect to “screen-scraping” and related privacy risks, CFPB oversight of data aggregators and other third parties, and the role of standard setting organizations such as FDX in establishing common industry practices. The discussion wraps up with a broad look at data sharing in the financial sector, including the benefits of coordinated federal and state regulatory efforts to manage and protect consumer data.

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RegFi Podcast

Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Origin and Policy Objectives of Section 1033 and the Evolution of Data Sharing Conventions

Balancing Data Security and Consumer Data Access in Financial Regulation

Evolution of Financial Regulation Amidst Broad Data Sharing

Remember Everything You Learn from Podcasts